Tricon Residential (NYSE:TCN) Issues FY 2022 Earnings Guidance

Posted by on Jun 8th, 2022

Tricon Residential (NYSE:TCN – Get Rating) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided EPS guidance of $0.60-$0.64 for the period. The company issued revenue guidance of -.

Shares of Tricon Residential stock opened at $11.78 on Wednesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a fifty day moving average price of $13.87 and a 200 day moving average price of $14.59. Tricon Residential has a 1 year low of $8.49 and a 1 year high of $17.23.

Tricon Residential (NYSE:TCN – Get Rating) last issued its earnings results on Tuesday, May 10th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.44. The business had revenue of $138.79 million for the quarter, compared to analysts’ expectations of $138.60 million. As a group, equities analysts expect that Tricon Residential will post 0.61 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be given a dividend of $0.058 per share. The ex-dividend date is Wednesday, June 29th. This represents a $0.23 annualized dividend and a yield of 1.97%.

TCN has been the topic of several analyst reports. Morgan Stanley dropped their price target on shares of Tricon Residential from $15.75 to $13.50 and set an equal weight rating on the stock in a research report on Friday, May 27th. TD Securities upgraded shares of Tricon Residential from a hold rating to a buy rating and dropped their target price for the company from $18.00 to $17.00 in a research report on Thursday, May 12th. BMO Capital Markets lifted their target price on shares of Tricon Residential from C$22.50 to C$23.00 in a research report on Thursday, April 14th. Zacks Investment Research upgraded shares of Tricon Residential from a hold rating to a buy rating and set a $17.00 target price on the stock in a research report on Tuesday, March 8th. Finally, Royal Bank of Canada dropped their target price on shares of Tricon Residential from $18.00 to $17.00 and set an outperform rating on the stock in a research report on Thursday, May 12th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Buy and an average price target of $17.88.

Several institutional investors have recently added to or reduced their stakes in TCN. Vanguard Group Inc. grew its holdings in shares of Tricon Residential by 531.0% in the first quarter. Vanguard Group Inc. now owns 10,500,305 shares of the company’s stock valued at $166,746,000 after purchasing an additional 8,836,273 shares in the last quarter. Deutsche Bank AG acquired a new position in Tricon Residential during the 4th quarter worth approximately $86,110,000. The Manufacturers Life Insurance Company acquired a new position in Tricon Residential during the 4th quarter worth approximately $51,769,000. Mackenzie Financial Corp acquired a new position in Tricon Residential during the 1st quarter worth approximately $29,049,000. Finally, Millennium Management LLC acquired a new position in Tricon Residential during the 4th quarter worth approximately $20,137,000. 49.96% of the stock is currently owned by institutional investors and hedge funds.

Tricon Residential Company Profile (Get Rating)

Founded in 1988, Tricon is a rental housing company focused on serving the middle-market demographic. Tricon owns and operates approximately 31,000 single-family rental homes and multi-family rental units in 21 markets across the United States and Canada, managed with an integrated technology-enabled operating platform.

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Earnings History and Estimates for Tricon Residential (NYSE:TCN)

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